What Is An Insurance Score?

Just like mortgage companies, insurance companies use a score system to evaluate your risk level and determine how high your premium will be for ALL lines of insurance. We're talking health, life, commercial, auto, home...ALL of it!

​Here in Colorado, insurance companies receive their information from the Comprehensive Loss Underwriting Exchange. You may have heard your agent refer to something called a CLUE report, this is what they're talking about. 

Some items your CLUE report tracks are:

• Claims Records: how many times you called in to inquire about a claim situation (yes, they record how many times you call in to just check!), how many times your filed a claim, what type of claim it was (water damage, wind damage, fire, collision, etc.), when the claim was filed, how much was paid out for it.
• Your age - this especially matters for auto insurance - inexperienced drivers tend to equal more accidents.
• Marital status.
• Education.
• Gender.
• Credit Score.
• Your insurance history - how long you have stayed with insurance companies - shopping every year isn't always the best choice.

If you're curious about what's on your score, you may receive a FREE copy of your CLUE report by calling the analytics company, Verisk at: 800-627-3487.

Is it worth obtaining your report? I think so. If your premiums are high and you haven't turned in any claims, you have a stellar driving record, and a great credit score, it could be worth looking into. Just like credit reports, insurance reports can have errors in them. If find that yours does, you may dispute them with Lexis Nexis at:
800-543-6862. 

As always, if you have any questions feel free to reach out to the agents at Front Range Insurance Solutions, we love to help our community better understand how insurance can work for them!
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